Employee IT declaration is a page on which you can declare your investment details to avail tax benefits and exemptions from tax. You can submit your investment declarations at the beginning of the financial year. New employees can declare investments at the time of joining.
Income Tax declaration helps your employer to estimate your Income Tax (IT) for the current financial year. IT is then deducted every month from your salary. This deduction is called Tax Deduction at Source (TDS). To take maximum exemptions from TDS, it's important to declare your future investment plans. You can review your investment plans at any time of the year and modify the values when the declaration window is opened from your employer. Your investment declaration allows the system to calculate your overall taxable income for the financial year. The system then calculates tax as per the slab applicable, which will be deducted from your salary.
To navigate to the IT Declaration page, click Salary > IT Declaration.
Declaring your IT declaration
To declare your income tax, perform the following steps:
- If you are declaring IT for the first time, click . Click to modify your IT details if you have already declared IT.
- Fill the details in sections and forms as applicable.
- Click Preview to view investment details submitted by you.
- Click to declare your IT savings.
Downloading Form 12BB
Form 12BB is a statement showing the details of your declaration, as mentioned in the investment plan made by you. As per the Income Tax rules, you must submit a hard copy of Form 12BB to the employer along with your signature. After submitting the IT form, clickto download the Form 12BB.
Revising your IT declaration
To revise the declaration, perform the following steps:
- Click to modify/ revise your IT declaration.
- You can edit or revise your declared income tax by entering the details. Click Submit to submit the revised form.
Navigating to My Tax Planner
GreytHR provides you with options for creating three different plans with My Tax Planner. These plans help you to decide which combination of investments provides you with the best results in terms of saving income tax. It will be helpful for users who have done any investment or are planning to invest. IT planner will help employees to plan and invest in different sections to gain maximum exemption.
To create plans in My Tax Planner page, perform the following steps:
- Click button in IT declaration screen. The Income Tax Planner page opens.
to create IT declaration plans.
- You will be redirected to the IT: Plan page. Click
to add investments information.
To view the investments summary, click
. Click to view the income tax breakup.
Please note, you're only calculating your taxes. This is not a submission of your IT declaration form. This will give you the complete break up of your salary and your investments and finally arrive at taxable income and liable tax amount.
- To create and compare more plans, click .
- To edit an existing plan, click
After comparison of plans, clickto submit IT declaration.
You will be able to submit IT, only if the declaration window is open. Once submitted, the new plan will override the existing submission.